1) The act of mentally shifting a hyphen in a sentence or comment which contains the pattern {adjective-ass noun} Used for personal amusement only. From the webcomic xkcd (www.xkcd.com/37)

2) Verbally expressing this mental re-hyphening to show discontent or apathy toward a person's vocabulary, word choice, comment, or the person in general.

Take note: Not all hyphens can be shifted for this effect - i.e. phrases like No-Talent Ass Clown or Punk-Ass Bitch - because the hyphens either don't make sense anywhere else, or they're just funnier where they are.